"A court approved receiver's sale is rare, especially of thissize," Greg Harris, executive vice president at Marcus &Millichap in Encino tells GlobeSt.com. Harris says that thetransaction process "will require some additional logistics, butshould be smooth," given the experience of the receiver, Total Cos.He adds, "The market is treating this offering essentially the sameas they would an REO."

Built in 1963 and most recently renovated in 2007, the Hamptonat South Bay is described by the Marcus & Millichap brokers asan institutional quality in an affluent infill location. Theproperty does not fall under rent control and is in a location withhigh barriers to entry, close to numerous employment andentertainment centers as well as shopping centers such as Del AmoFashion Center and South Bay Galleria, according to the marketingbrochure.

The 152 units at the complex are in six two-story buildings on aparcel of approximately 3.6 acres. Four of the 152 units areone-bedrooms measuring 740 square feet, 130 of them are two-bedroomunits ranging from 924 square feet to 1,062 square feet, and theremaining 18 are three-bedroom units of 1,200 and 1,225 squarefeet. Unit features include ceiling fans, dishwashers anddisposals, built-in microwaves, and, in some units, patios,balconies, walk-in closets and fireplaces. Common area amenitiesinclude a swimming pool, a fitness center, a theater room, a gameroom, a sun-deck and cabana-style tents and four laundryfacilities.